Chesapeake Home Team, Berkshire Hathaway HomeServices PenFed Realty
Aerial view of suburban homes with red tile roofs, landscaped yards, and swimming pools.

Housing Market Update 2023

What's Inside December Housing Market Insights?

1. 2024 forecasts show most experts are optimistic about the future. Home price growth is projected to slow, and sales are forecast to rise.

Bar chart of weekly U.S. mortgage rates, peaking at 7.79 before dropping to 7.22 by November 30, 2023.

2. While inventory is still low, more new listings are coming onto the market than usual. Gives buyers and sellers the advantage.

 

Chart of November new-listing changes, with declines from 2017–2022 and an increase of 17,366 in 2023.

 

3. Even though affordability remains a challenge, homebuyers are still active. Demand is resilient, and homes are selling faster with more offers than in normal years.

 

Chart showing September traffic index rising to 153 in 2023, above values from 2016 through 2019.

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Your needs, whether selling or purchasing a home, are our top priority. We will provide skilled negotiations, contract management, and a smooth transaction with her resources and knowledge. Knowing the market and upcoming & potential listings is key in our area.

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